Cyber fraud

February 13, 2015

The National Fraud Authority estimated that in 2013 the loss to the UK economy through fraud was £52 billion, demonstrating that fraud and cyber-crime are significant and growing problems across all sectors of society, and especially business.

A more recent report showed that companies based in London were not fully aware of the threat posed by cyber-crime and could be undermining the capital’s reputation as a safe place to do business. The threat was also felt to be under-reported and that the cost of cyber-crime to business had ballooned, especially among smaller companies.

On 12 February, at a session chaired by John Barradell, Town Clerk and Chief Executive, City of London Corporation, 45 delegates from London First heard from two experts on the subject at a breakfast briefing organised by the Security & Resilience Network at London First and hosted by the Corporation of London.

Stephen Bonner, Head of Cyber-crime at KPMG, briefed attendees on the changing nature of the threat, outlining how the capability to cause disruption of on-line systems is increasing, while the barriers to entry are decreasing. The core mission remains to make it far more difficult to deter criminals by reducing the opportunities to make money.

Detective Superintendent Peter O’Doherty from the City of London Police and Director National Fraud Intelligence Bureau described the law-enforcement challenges and recommended measures that business can take to reduce the risk.